Let’s be honest
The year 2020 has been one of the most difficult years for both individuals and businesses. The coronavirus pandemic disrupted everything worldwide causing businesses to fall into debt, lay off employees, and others to file for bankruptcy.
According to the United Nations Industrial Development Organization (UNIDO), the pandemic reduced global economic growth by 0.25% and affected trade immensely. As the pandemic spreads, uncertainty looms over the viability of doing business in the future.
However,
If you triumphed the unprecedented illness and continue to run your business – even at a loss - all is not lost. With the right strategies, there is still hope for your business to make a comeback in 2021.
In this article, I share with you a few workable tips to help your business get back on its feet, maintain profitability, and keep it running well into the coming year. Here are 3 effective ways of ensuring your business stays afloat in 2021.
Let’s get started
1. Enhance Your Customer Service and Relationship
In a world where communication has been eased and revolutionized, the need to keep and maintain a healthy customer relationship with your new and potential customers is really crucial. Technology has witnessed the introduction of cheap and convenient ways of staying in touch with each other. To ensure that your business remains relevant in the coming years, it is highly recommended that it is at par with consumer expectations.
One of the most frustrating things that a customer experiences is an ineffective communication platform where they can gives reviews and ideas on how to improve on your product or services. In order to maintain a healthy and vibrant consumer relationship, one has to ensure that they are available online at all times. This includes having a working phone line and being active on social and authority sites like Facebook, WhatsApp, and mobile Apps etc. This enables your customer to give reviews and ideas through which your business can be improved.
2. Think Outside the Box
With technology comes with innovation. It has greatly influenced the trends taken by various businesses and industries over the years. It has also made it easy and more efficient for people to do business. Businesses that are getting out of their comfort zone to come up with more innovative ways of doing business are bound to sail through the coming year with ease. In a product related business, it will be crucial for businesses come up with products that satisfy the needs of the customer.
Businesses will have to employ and apply ideas that will make service delivery more efficient and satisfying to the customer. Businesses’ that will continue providing the same services and products may not make through the year. This is because the needs and desires of customers are increasingly changing with the trends. Keeping up with the trend and abiding by its requirements will go a long way in ensuring that your business survives the future.
3. Forge Better Relationships With Your Business Partners
A business without a plan is definitely a recipe for failure. Having a good business plan entails possessing a clear and definitive understanding of who your clientele is and the group of people that will enable you to reach your client. The business clientele will be determined by the product and/ or service being provided.
The business partners are usually the people who directly or indirectly influence the ease of running the business. They may be business people or even financial institutions like banks. Having a clear understanding of the most important people in your business helps to promote transparency and profitability.
Conclusion
These and many other factors will determine how well a business will survive in 2021. For businesses that have a clear guideline of their target in the coming year, thinking outside the box should definitely work. Getting innovative and out of the comfort zone will go a long way in ensuring that your business survives the coming year. Moreover, establishing sound relationships with clients and partners will enhance the effectiveness and efficiency of the strategies you choose to follow.
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